LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global medical practice management software (MPMS) market to grow to around USD 3,154 million by 2021, at a CAGR of more than 8% over the forecast period, according to their latest report.
The research study by Technavio on the global medical practice management software market for 2017-2021 provides a detailed industry analysis based on the deployment model (On-premises and Cloud-based), end-users (hospitals, diagnostic laboratories, physicians, and pharmacists), and geography (the Americas, EMEA, and APAC).
|MPMS helps to improve and automate every major administrative process in a healthcare institute. The software improves the efficiency of front office operations of a healthcare organization and reduces the use of paper and the operational costs, which ensures a continued demand for the software from the industry.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global medical practice management software market:
- Increased need for maximizing chair-time utilization
- Increased efficiency and productivity in MPMS
- Adherence to compliance of the healthcare industry
Increased need for maximizing chair-time utilization
“In medical practices, maximizing of chair-time utilization is the key to the success of the organization. Medical practice management software ensures the efficient utilization of chair-time by effectively managing failure-to-attend, short notice cancellations, and unreserved chair-time,” says Ishmeet Kaur, a lead analyst at Technavio for enterprise application research.
MPMS features such as automated recall help in efficient appointment booking by sending out reminder message to the patients for their next appointment and confirms their booking by filtering the replies. The appointments are automatically updated, and confirmation notices are sent to the patients, ensuring maximum chair-time.
Increased efficiency and productivity in MPMS
MPMS helps not only in chair-time optimization but also reduces patient waiting time and operational cost. It also increases profit margins by developing IT infrastructure in medical practice by effectively managing information on patient demographics, spend analysis, overheads, inventory management, insurance claims, patient analysis, regulatory and compliance information, license, and emergency management. The software also generates reports of clinical and administrative performance that can be used for medical practice improvement plans.
Adherence to compliance of the healthcare industry
The healthcare industry is a tight system based on compliance, quality of care, and a value-based revenue model that pulls together all medical interactions. The MPMS used by healthcare professionals must support the delivery of patient care such as the dispensing of drugs in accordance with regulations and standards, ability to display, record, store, and exchange patient specific information.
“Most of the market vendors, such as GE Healthcare, McKesson, and Allscripts, offer compliance management feature that is integrated and easy to use, helping healthcare institutes attain and sustain compliance every year,” says Ishmeet.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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